Nationwide pulls tracker rate mortgages
Nationwide has pulled all its tracker products for new business due to the Bank of England base rate cut, it said.
However, the building society has said the decision is temporary.
Both residential tracker mortgages and the buy-to-let trackers available through Nationwide’s specialist lender, The Mortgage Works, have been removed.
According to The Mortgage Works, Nationwide’s buy-to-let arm, the firm said that it will “continue to review market conditions”.
Henry Jordan, director of mortgages at Nationwide, said: “With a second cut in interest rates in just over a week, bringing bank rate down to an unprecedented 0.1%, we have taken the decision to temporarily withdraw all of the society’s residential tracker mortgages, as well as the BTL trackers offered by The Mortgage Works, from sale.
“As the UK’s second largest mortgage lender, we have taken this prudent decision in order to carefully consider the impact of these historic low interest rates on our mortgage range.”